| Leases |
9. Leases The Company has commitments under operating leases for laboratory, warehouse, clinical trial sites and office space. The Company also has finance leases for manufacturing space and office equipment. The Company’s leases have initial lease terms ranging from 3 years to 191 years. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments. Total rent expense under these leases was $1.4 million and $1.4 million for the three-month periods ended June 30, 2024 and 2023, respectively. Total rent expense under these leases was $2.9 million and $2.7 million for the six-month periods ended June 30, 2024 and 2023, respectively. There were no leases recognized during the six-month periods ended June 30, 2024 and 2023. The components of lease cost for the three-month and six-month periods ended June 30, 2024 and 2023 are as follows (in thousands): | | | | | | | | | Three-Month Periods Ended June 30, | | | 2024 | | 2023 | Finance lease cost | | | | | | | Amortization of right-of-use assets | | $ | 281 | | $ | 282 | Total finance lease cost | | | 281 | | | 282 | Operating lease cost | | | 1,437 | | | 1,370 | Short-term lease cost | | | 41 | | | 39 | Total lease cost | | $ | 1,759 | | $ | 1,691 |
| | | | | | | | | Six-Month Periods Ended June 30, | | | 2024 | | 2023 | Finance lease cost | | | | | | | Amortization of right-of-use assets | | $ | 560 | | $ | 563 | Interest on lease liabilities | | | — | | | — | Total finance lease cost | | | 560 | | | 563 | Operating lease cost | | | 2,872 | | | 2,731 | Short-term lease cost | | | 87 | | | 78 | Total lease cost | | $ | 3,519 | | $ | 3,372 |
Amounts reported in the condensed consolidated balance sheets for leases where the Company is the lessee as of June 30, 2024 and December 31, 2023 were as follows (in thousands): | | | | | | | | | | | June 30, | | | December 31, | | | | 2024 | | | 2023 | | Operating leases | | | | | | | | | Right-of-use assets | | $ | 13,823 | | | $ | 15,910 | | Capitalized lease obligations | | $ | 14,900 | | | $ | 17,145 | | Finance leases | | | | | | | | | Right-of-use assets | | $ | 23,285 | | | $ | 24,432 | | Weighted-average remaining lease term | | | | | | | | | Operating leases | | | 3.9 | years | | | 4.3 | years | Finance leases | | | 174.4 | years | | | 174.8 | years | Weighted-average discount rate | | | | | | | | | Operating leases | | | 8.8 | % | | | 8.8 | % | Finance leases | | | 8.0 | % | | | 8.0 | % |
Other information related to leases for the three-month and six-month periods ended June 30, 2024 and 2023 are as follows (in thousands): | | | | | | | Three-Month Periods Ended June 30, | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities | | | | | | Operating cash flows from operating leases | $ | 1,432 | | $ | 1,442 |
| | | | | | | Six-Month Periods Ended June 30, | | 2024 | | 2023 | Cash paid for amounts included in the measurement of lease liabilities | | | | | | Operating cash flows from operating leases | $ | 2,851 | | $ | 2,826 |
Future minimum lease payments under non-cancellable leases as of June 30, 2024 are as follows (in thousands): | | | | | | Operating Leases | 2024 | | $ | 2,682 | 2025 | | | 5,493 | 2026 | | | 5,580 | 2027 | | | 1,611 | 2028 | | | 1,321 | Thereafter | | | 692 | Total undiscounted lease payments | | $ | 17,379 | Less: Imputed interest | | | (2,479) | Total lease liabilities | | $ | 14,900 |
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